The Tax Professionals Blog
Home Office as Qualified Property for Section 1...
A question was raised as to whether a home office can be included in the total of qualified property used in determining QBI when using the section 199A(b)(2)(B)(ii) 2.5% of...
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Disaster Loss FMV Safe Harbor is Misleading
Rev. Proc. 2018-8 can be quite misleading. Under the “purpose” the Rev. Proc. leads the reader to believe that the Rev. Proc. provides an alternate and more taxpayer-beneficial way of...
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Failing to Correct an Excess 401(k) Contributio...
One of our ClientWhys forum members asked what the options were where a client had changed jobs and total contributions to the 401(k) plans of the two employers exceeded the...
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Acquisition Debt: Must It Be Concurrent with Th...
Recently an interesting question arose whether a loan must be obtained simultaneously with the close of an escrow for the purchase of property to be treated as acquisition debt?
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Lease Buy-Out: Tax Free or Taxable?
An interesting situation arises when a landlord makes an offer to a tenant to buy out the tenant’s lease. This recently occurred when an apartment building was changing hands and...
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Revoking the Bonus Depreciation Election
Ever wonder if you can revoke an election not to claim bonus depreciation? Generally, the election out of bonus depreciation can only be revoked with IRS consent, except that if...
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